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Author : Hun Young Park
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (993 download)
Download or read book Market Depth, Liquidity and the Effect of Dual Trading in Futures Markets written by Hun Young Park and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hun Y. Park
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (535 download)
Download or read book Market Depth, Liquidity and the Effect of Dual Trading in Futures Markets written by Hun Y. Park and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael J. Walsh
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (851 download)
Download or read book Dual trading and futures market liquidity written by Michael J. Walsh and published by . This book was released on 1991 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hun Y. Park
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 (512 download)
Download or read book The Costs and Benefits of Dual Trading written by Hun Y. Park and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sugato Chakravarty
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.3/5 (512 download)
Download or read book Traders' Broker Choice, Market Liquidity and Market Structure written by Sugato Chakravarty and published by . This book was released on 1997 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Hedgers and a risk-neutral informed trader choose between a broker who takes a position in the asset (a capital broker) and a broker who does not (a discount broker). The capital broker exploits order flow information to mimic informed trades and offset hedgers' trades, reducing informed profits and hedgers' utility. But the capital broker has a larger capacity to execute hedgers' orders, increasing market depth. In equilibrium, hedgers choose the broker with the lowest price per unit of utility while the informed trader chooses the broker with the lowest price per unit of the informed order flow. However, the chosen broker may not be the one with whom market depth and net order flow are higher. We relate traders' broker choice to market structure and show that the capital broker benefits customers relatively more in developed securities--i.e., markets where there are many hedgers with low levels of risk aversion and endowment risk, where the information precision is high and the asset volatility is low. The discount broker benefits customers relatively more in volatile markets where there are few hedgers with high levels of risk aversion and endowment volatility, and where information is imprecise. We derive testable predictions from our model and successfully explain up to 70 percent of the daily variation in the number of discount brokers and capital brokers (or, dual traders in futures markets)"--Abstract.
Author : Deniz Ozenbas
Publisher : Springer Nature
ISBN 13 : 3030748170
Total Pages : 111 pages
Book Rating : 4.0/5 (37 download)
Download or read book Liquidity, Markets and Trading in Action written by Deniz Ozenbas and published by Springer Nature. This book was released on 2022 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call rictions It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun. Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.
Author : Michael J. Fishman
Publisher :
ISBN 13 :
Total Pages : 4 pages
Book Rating : 4.:/5 (857 download)
Download or read book The Benefits of Dual Trading in the Futures Markets written by Michael J. Fishman and published by . This book was released on 1991* with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kai Li
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)
Download or read book An Examination of Own Account Trading by Dual Traders in Futures Markets written by Kai Li and published by . This book was released on 2009 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using proprietary audit trail transaction data compiled by the Commodity Futures Trading Commission, we investigate, at the individual trader level, (1) the timing and (2) the determinants of dual traders' personal trades. Our analysis reveals an absence of any trade timing by dual traders in relation to the execution of their customers' orders. Further examination employing correlation statistics and time series regressions provides strong support for the proposition that dual traders supply liquidity and actively manage inventory. Even after simultaneously controlling for factors representing information, liquidity supply and inventory control, within a multivariate regression framework, liquidity supply and inventory control remain as the determinants of dual traders' personal trades. Overall, the emergent profile of a dual trader is that of an uninformed trader performing complimentary tasks of liquidity provision and personal inventory management. These results survive extensive robustness checks, question the assumptions underpinning the extant theoretical research and have important policy implications.
Author : Peter R. Locke
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (246 download)
Download or read book Market Liquidity and Trader Welfare in Multiple Dealer Markets written by Peter R. Locke and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nicholas Economides
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.0/5 ( download)
Download or read book Liquidity and the Success of Futures Markets written by Nicholas Economides and published by . This book was released on 1985 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert A. Schwartz
Publisher : Wiley
ISBN 13 : 0471689882
Total Pages : 448 pages
Book Rating : 4.4/5 (716 download)
Download or read book Equity Markets in Action written by Robert A. Schwartz and published by Wiley. This book was released on 2004-10-20 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the nature of market making and exchanges From theory to practicalities, this is a comprehensive, up-to-date handbook and reference on how markets work and the nuances of trading. It includes a CD with an interactive trading simulation. Robert A. Schwartz, PhD (New York, NY), is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Reto Francioni, PhD (Zurich, Switzerland), is President and Chairman of the Board of SWX, the Swiss Stock Exchange, and former co-CEO of Consors Discount Broker AG, Nuremberg.
Author : Michael J. Fishman
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (245 download)
Download or read book Dual Trading in Futures Markets written by Michael J. Fishman and published by . This book was released on 1990 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kai Li
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)
Download or read book An Analysis of Own Account Trading by Dual Traders in Futures Markets written by Kai Li and published by . This book was released on 2009 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using audit trail transaction data compiled by the Commodity Futures Trading Commission (CFTC), we seek to ascertain directly the motives behind dual traders' own account trading and whether or not they are informed traders. We estimate our system of equations on each of the 101 most active dual traders in the data, using the Markov chain Monte Carlo (MCMC) method. We find that dual traders are informed traders who do not appear to piggyback on their customers' trades; whose own account trading reflects inventory control; and who appear to be liquidity suppliers. We also show that dual traders are heterogeneous in terms of their trading skills and other trade-related characteristics.
Author : Ai-ru Meg Cheng
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (552 download)
Download or read book Return, Trading Volume, and Market Depth in Currency Futures Markets written by Ai-ru Meg Cheng and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles M.S. Sutcliffe
Publisher : Routledge
ISBN 13 : 1351148540
Total Pages : 844 pages
Book Rating : 4.3/5 (511 download)
Download or read book Stock Index Futures written by Charles M.S. Sutcliffe and published by Routledge. This book was released on 2018-01-18 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global value of trading in index futures is about $20 trillion per year and rising and for many countries the value traded is similar to that traded on their stock markets. This book describes how index futures markets work and clearly summarises the substantial body of international empirical evidence relating to these markets. Using the concepts and tools of finance, the book also provides a comprehensive description of the economic forces that underlie trading in index futures. Stock Index Futures 3/e contains many teaching and learning aids including numerous examples, a glossary, essay questions, comprehensive references, and a detailed subject index. Written primarily for advanced undergraduate and postgraduate students, this text will also be useful to researchers and market participants who want to gain a better understanding of these markets.
Author : Abdourahmane Sarr
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (318 download)
Download or read book Measuring Liquidity in Financial Markets written by Abdourahmane Sarr and published by International Monetary Fund. This book was released on 2002-12 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of indicators that can be used to illustrate and analyze liquidity developments in financial markets. The measures include bid-ask spreads, turnover ratios, and price impact measures. They gauge different aspects of market liquidity, namely tightness (costs), immediacy, depth, breadth, and resiliency. These measures are applied in selected foreign exchange, money, and capital markets to illustrate their operational usefulness. A number of measures must be considered because there is no single theoretically correct and universally accepted measure to determine a market's degree of liquidity and because market-specific factors and peculiarities must be considered.
Author : Larry Harris
Publisher : OUP USA
ISBN 13 : 9780195144703
Total Pages : 664 pages
Book Rating : 4.1/5 (447 download)
Download or read book Trading and Exchanges written by Larry Harris and published by OUP USA. This book was released on 2003 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).
